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Description by Mitchell Prefer for Decrypt.
Bitcoin and crypto investors got a lot of good news this week, even though the market was unable to break away from its three-month highs.
On Tuesday, US bitcoin spot ETFs took in $887 million—the second-best daily performance for ETFs to date. of The price of Bitcoin In the process, it rose above $71,000, its highest price since March.
That performance was followed by not one, but two high-profile Bitcoin ETF sponsors, assuring investors that a second, larger wave of institutions is coming to buy Bitcoin with the funds. Bitwise CIO Matt Hougan wrote in a note that the crypto regulatory development on Capital Hill was an “alpha” that did not affect investors, while Franklin Templeton CEO Jenny Johnson said that ETFs were only affected by “the first wave of early adopters”.
Just in: Franklin Templeton CEO on #Bitcoin ETF adoption “This is really the first wave of early adopters.
The next wave is much larger institutions.
WATCH👇 pic.twitter.com/G52jWUEetX
— Bitcoin Archive (@BTC_Archive) June 5, 2024
And at least in the memecoin world, the bull market appears to have completely reversed. Bitcoin's very first BRC-20 token, ORDI, has surged more than 30% to $60 since Friday, while PUPS and Bitcoin Wizards (WZRD) have doubled in a week, according to CoinGecko data.
Other popular memecoins such as PEPE, BONK and SHIB were not as lucky, all posting losses this week.
Solana-based meme coin GME is up 467 percent from its high this week, pacing the stock market's shares of Gamestop ( GME ). Roaring Kitty, the meme influencer that sparked Wall Street's baffling GameStop move in 2021—was given a second wind by returning to YouTube and livestreaming with his wealth ahead of Friday's cold shower. From the game retailer.
Performance-wise, between Bitcoin and meme coins is Ethereum, which has been on pace with Bitcoin's gains this week to launch a spot ETF. VanEck analysts have released a lengthy report predicting that ETH will reach $22,000 per unit by 2030 after taking financial market share from Apple, Google and major banks.
Finally, with both the Bank of Canada and the European Central Bank cutting interest rates this week, BitMEX co-founder Arthur Hayes told his followers that now is the time to start getting into Bitcoin and shitcoins.
However, his call may have been ill-advised: Over the weekend, on Friday, a liquid waterfall sent Bitcoin from $71,000 to $68,000 and ETH from $3,800 to $3,600. Meanwhile, GME—both the stock and memecoin—made up more than 35% each.
Roaring Kitty is the biggest commercial since Steve Jobs.
Dude shows 30 minutes live. It builds the tension up to 11. It's shown on the live stream with a fake tie-in and footage.
And the first thing he says is “oh shit”. pic.twitter.com/YlTesdxJGB
— Trung Phan (@TrungTPhan) June 7, 2024
Bitcoin is trading at $69,335 as of writing, while Ethereum is trading at $3,686. The price of GME Mem Coin is once again sitting at around $0.014.
Prices as of June 8, 2024 at 3:00 AM. Edited by Ryan Ozawa.
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